Nvidia(US:NVDA) KAIYUAN SECURITIES·2025-07-15 07:15Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Viewpoints - The report highlights the strong performance of the AIDC (Artificial Intelligence Data Center) industry, driven by the recovery of NVIDIA's H20 sales in China and the introduction of a new compliant GPU, which is expected to alleviate the domestic computing power shortage and benefit the entire AIDC supply chain [3][4] - Century Internet has raised its revenue and adjusted EBITDA guidance for the fiscal year 2025, indicating a positive outlook for the domestic AIDC industry, with net revenue expected to grow by 11-13% and adjusted EBITDA by 14-16% [4] Summary by Sections AIDC Industry Overview - The report emphasizes a strong outlook for the AIDC industry, particularly in data center construction, IT side (domestic computing power chips, servers), network side (switches, optical communication), cloud computing, and AI applications [5] Recommended Stocks - Recommended stocks in the AIDC data center construction include: Yingweike, Xinyi Network Group, Runze Technology, and Baoxin Software [5] - Recommended stocks on the IT side include: Unisplendour and ZTE [5] - Recommended stocks on the network side include: Zhongji Xuchuang, Xinyi Sheng, and ZTE [5] - Beneficiary stocks in cloud computing include: China Mobile, China Telecom, and China Unicom [5] - Beneficiary stocks in AI applications include: Guohua Tong, Yiyuan Communication, and Meige Intelligent [5]